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View Poll Results: I am age 62 or older and I
Have not yet begun taking SS 47 42.73%
Started SS at age 62 38 34.55%
Started SS after age 62 but prior to full retirement age 12 10.91%
Started SS at full retirement age 6 5.45%
Started SS after full retirement age but prior to 70 0 0%
Started SS at age 70 3 2.73%
Other (took SS, repaid benefits and did a 'do over', etc.) 4 3.64%
Voters: 110. You may not vote on this poll

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Old 02-10-2009, 06:28 PM   #21
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Just checking in to create trouble. Don't mean to be political but I feel compelled to point out that no one collects regular SS at age 62!

Edit: you have to wait a month!
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Old 02-10-2009, 06:52 PM   #22
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Quote:
Originally Posted by CuppaJoe View Post
Just checking in to create trouble. Don't mean to be political but I feel compelled to point out that no one collects regular SS at age 62!

Edit: you have to wait a month!
If you want to be anal precise...

The absolute minimum time between your 62nd birthday and collecting your 1st SS check is 38 days. That would occur only if your 62nd birthday was February 2, it wasn't a leap year and February 2nd fell on a Sunday.

For those like me, with birthdays on the 3rd of a month with 31 days followed by another month with 31 days, the wait can be 70 days for your first check.
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Old 02-10-2009, 06:53 PM   #23
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I was already getting a social security widow's benefit so I planned on delaying mine but last year changed my mind . I'm switching to my benefit when I am eligible so I can let my portfolio recover . My benefit is 50% higher than my widow's benefit .
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Old 02-10-2009, 07:05 PM   #24
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I'm planing to take SS at 62. Then if I'm healthy at 70 and it looks like SS will survive I'd repay what I received and collect at the higher rate.At least I've heard you can do that.Can anyone out there verify that?
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Old 02-10-2009, 07:22 PM   #25
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Originally Posted by REWahoo View Post
If you want to be anal precise...

The absolute minimum time between your 62nd birthday and collecting your 1st SS check is 38 days. That would occur only if your 62nd birthday was February 2, it wasn't a leap year and February 2nd fell on a Sunday.

For those like me, with birthdays on the 3rd of a month with 31 days followed by another month with 31 days, the wait can be 70 days for your first check.
But they pay you for a extra month after you die, right?
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Old 02-10-2009, 07:22 PM   #26
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But they pay you for a extra month after you die, right?
I'll let you know...
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Old 02-10-2009, 08:34 PM   #27
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If the deceased was receiving Social Security benefits, you must return the benefit received for the month of death or any later months. For example, if the person dies in July, you must return the benefit paid in August. If benefits were paid by direct deposit, contact the bank or other financial institution. Request that any funds received for the month of death or later be returned to Social Security. If the benefits were paid by check, do not cash any checks received for the month in which the person dies or later. Return the checks to Social Security as soon as possible.
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Old 02-10-2009, 09:11 PM   #28
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In my case it was more like 2 or 3 months - I had this little thing called Katrina and aftermath which drew my attention and caused a slight delay.

heh heh heh - before the hurricane , I was going to put it off year by year depending on how cheap we could live in the old fish camp.
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Old 02-11-2009, 12:24 AM   #29
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I will be 62 a year from April. I am a divorced from a dead guy so I can collect on his record I don't know what that might be. I will work until something happens, I am a bookkeeper with cataracts and somedays the numbers swim. If I lose my job or have a health event or something I will retire. Every year I wait will get me a bigger future check and about 55-70K in salary, profit sharing and bonuses so I can retire in poverty at 62 to in comfort at a later date. My investments are down and I don't feel I can count on them so having my SS almost double between 62 and 70 and a larger nest egg might be better.
I don't see why people choose full retirement date instead of a different date. To me that date isn't in any way special. I look at 62-65 and 70 as more having a reason to be chosen.
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Old 02-11-2009, 01:31 AM   #30
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Didn't vote 'cause I've got a month to go before 62. DW and I are covering our bets. She got her first deposit this month (she's 3 months older than I) at 62. I'm going to wait - probably until 66.

This way we will at least get something. Also, if I go first, she will get my larger benefit as a survivor. We liked this idea because I took my pension with only 1/4 survivor benefit instead of a reduced pension with 1/2 survivor benefit.
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Old 02-11-2009, 04:56 AM   #31
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I'm planing to take SS at 62. Then if I'm healthy at 70 and it looks like SS will survive I'd repay what I received and collect at the higher rate.At least I've heard you can do that.Can anyone out there verify that?
I can, look at #2, this thread.
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Old 02-11-2009, 06:49 AM   #32
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2 questions from me...one just for curiousity.
For Curiousity---My pension will hopefully start in 2.5 years at 54. Goes without COLA until I hit 62 when it will adjust. Never knew there were pensions that went down at 62.....what folks get that kind of pension and why?
For Greed-- My wife (I married a UK Yorkshire lass) will be getting a 50% spouse SS when she becomes eligible most of 3 years after me. My waiting until 64 or so would increase my check a bit, but won't it also increase hers since she would be about 50% of mine?
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Old 02-11-2009, 07:13 AM   #33
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For Greed-- My wife (I married a UK Yorkshire lass) will be getting a 50% spouse SS when she becomes eligible most of 3 years after me. My waiting until 64 or so would increase my check a bit, but won't it also increase hers since she would be about 50% of mine?
Check out this information on the SS website: Answer
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Old 02-11-2009, 07:22 AM   #34
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Quote:
Originally Posted by F4mandolin View Post
2 questions from me...one just for curiousity.
For Curiousity---My pension will hopefully start in 2.5 years at 54. Goes without COLA until I hit 62 when it will adjust. Never knew there were pensions that went down at 62.....what folks get that kind of pension and why?
I'm not Curiousity, but - - some federal employees get an annuity supplement equal to their social security, and that obviously stops when they turn 62:

FERS Annuity Supplement
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Old 02-11-2009, 07:33 AM   #35
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I'm older than my husband so I started taking SS last year when I turned 62, based on my own earnings. We'll see what we want to do about his benefit when he turns 62 in a couple of years, but I expect he'll take it then.
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Old 02-11-2009, 08:10 AM   #36
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I think I have read that part of SS before.....although a little confusing for my wee little brain. I would interpret the reducing % for the spouse to be 50% of what I would be getting since it is based off the full retirement age (66.5 for me) and my steadily getting less before the 66.5 years. Is that correct?
A spouse receives one-half of the retired worker's full benefit unless the spouse begins collecting benefits before full retirement age. In that case, the amount of the spouse's benefit is permanently reduced by a percentage based on the number of months before he/she reaches full retirement age.

For example, based on the full retirement age of 66, if a spouse begins collecting benefits:
  • At 65, the benefit amount would be about 46 percent of the retired worker's full benefit;
  • At age 64, it would be about 42 percent;
  • At age 63, 37.5 percent; and
  • At age 62, 35 percent.
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Old 02-11-2009, 08:25 AM   #37
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I interpret what you quoted in red as follows:

If your spouse waits until her full retirement age to begin drawing benefits, she will get 50% of the benefit amount you will be eligible to draw at your full retirement age (66.5). The reduction amounts shown (35 % at age 62, etc.) reflect the changes to the percentage amount of your full benefit she will be eligible to draw should she not wait until her full retirement age to begin drawing.

The amount she draws is based on her age at the time she begins taking SS and the amount you will be eligible to draw once you reach full retirement age. The amount she draws is not impacted by you taking SS at 62 or waiting until you are 64 - or until age 70.

If I am interpreting something incorrectly someone will be along shortly to correct me...
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Old 02-11-2009, 08:29 AM   #38
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Thanks......I like your version better. That way I could start taking SS at 62 and if things were doing just fine she could keep putting things off until she were older. Gives an extra option which might be useful. Putting my SS off a couple of years would only change MY benefits, not hers.
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Old 02-11-2009, 08:36 AM   #39
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REW: has it basically correct. I will try to give you a "real life" example (the numbers have been changed to protect the innocent). IF your spouse takes SS at her age 62 it will be permanently reduced to 37.5 of yours at FRA (Full Retirement Age) or beyond. Which means even if you go to age 68 and say you get $2,000 a month she gets 37.5% of your amount or $750. She would normally get $1,000 but because she took it early her amount is reduced by 25% or to $750 (i.e, 37.5% of your $2,000). Upon your death she will "step up" to the $2,000 benefit used in this example. Of course the foregoing is based on the premise she would not get a larger amount if it were based on her earnings record (a factor that will come into play more now).
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Old 02-11-2009, 08:44 AM   #40
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Good info all around. My wife however will only be eligible for spouse benefits since she will have made little or no money working in the US. I am still living/working in the UK as a school teacher for the US Govt (she is a UK citizen) until I retire. The plan is to go the summer of 2011 if VERA is offered. We might take some part time work for a couple of years until the SS Supplement kicks in.
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